We model how ETFs compete and set fees. We show that ETF secondary market liquidity plays a key role in determining fees and leads to liquidity clienteles. More liquid ETFs charge higher fees in equilibrium and attract shorter horizon investors that are more sensitive to liquidity than to fees....

Financial benchmarks such as LIBOR underpin the pricing of trillions of dollars of contracts around the world. We propose a novel approach to evaluate the quality of benchmark prices. The method separates information (efficient price innovations) from noise (temporary deviations from the...

Allegations of market manipulation abound in the popular press, particularly during the recent financial turmoil. However, many aspects of manipulation are poorly understood. The purpose of this thesis is to enhance our understanding of market manipulation by providing empirical evidence on the...